Market Watch(Şeker Yatırım)

Market Watch - Wednesday, May 17, 2023
Outlook:
The BIST100 Index started Tuesday with sellers. The Benchmark Index then recovered amid purchases to close 1.97% up at 4,589.71. Purchases in stocks of high index weight such as THYAO, EREGL and SASA supported the index. The Banking Index continued its negative divergence, down 7.97%, while the Industrial Index gained 4.55%. We expect volatility to continue ahead of the second round of Presidential elections set for May 28. In the major global stock markets, the issue of raising the debt limit in the US remains important. Yesterday, the US, European and Asian indices traded with sellers. This morning, US futures and German DAX futures have traded with sellers and the Asian indices have observed a mixed course. The VIX has regressed to 18, indicating an easing of selling pressure in the U.S. Stock Markets. Domestically, the VIOP-30 Index closed the evening session limited down 0.10%. We foresee the Benchmark Index starting Wednesday on a negative trend among banking and certain other stocks. Yet despite any intraday pullbacks the uptrend will continue as investors perceive a buying opportunity. SUPPORT: 4,510 - 4,406 RESISTANCE: 4,622 - 4,718.
Money Market:
The Lira was negative yesterday, weakening 0.28% compared to the USD to close to 19.7264. In addition, the currency depreciated by 0.24% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were positive. The ten-year benchmark bond was traded within a tight range of 9.81%-9.85%, ending the day at a high of 9.85%, 1.74 pp below its previous closing.
Sector News:
The CBRT's temporary rule regarding securities maintenance for the real person conversion rate from FC deposits to TRY accounts has been published in the Official Gazette.
Accordingly, between 26/5/2023-28/7/2023 banks that fall below the 10% conversion rate from real person FC deposit/participation funds to TRY accounts will maintain securities equal to the missing amount.
As of 28/7/2023, banks that fall below the 30% conversion rate will maintain 10% additional security until the said target is reached.
As may be recalled, in April, this rate had been defined as 5% in the relevant calculation period starting from the calculation date of 28/4/2023. The regulation had covered both individual and legal entity deposits. In the new regulation, only the targets for real persons have been updated.
The provisions of this article will not be applied to banks whose FC deposit/participation fund size is below the amount to be determined by the CBRT, and this will be effective as of the publication date. Negative.
Company News:
Aselsan (ASELS.TI;OP) has signed an agreement with TUSAŞ Partnership and the Presidency of Defense Industries regarding the supply of Radar and Electronic Warfare Systems, development and integration of avionics software. Within the context of this agreement, the value of Aselsan's workshare is TRY365.6mn and USD 18.75mn. The latest deal (~USD 37.3mn) represents 0.4% of the company's total backlog (S. Positive).
In addition to the 317.8 MWe installed power capacity previously allocated to Turk Telekom (TTKOM.TI; OP) by Turkey Electricity Transmission AŞ (TEİAŞ), an additional 88 MWe has been allocated regarding the company's plan to enhance its Solar Power Plant (SPP) capacity. This capacity corresponds to nearly 65% of the company's current total electricity consumption. (Furthermore, Türk Telekom has pending applications for further capacity the assessment process of which is ongoing. Investments in solar power plants are planned to be undertaken in the Diyarbakır, Ağrı, and Sivas provinces on land to be leased for 29 years from the General Directorate of National Property of the Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey).

Şeker Yatırım Menkul Değerler A.Ş.
www.sekeryatirim.com
 

                                  ***
                               Yasal Uyarı
 
  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.